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international finance materials 2021

Class Policies

(1) Introduction to International Finance
International Finance Chapter 1: Introduction: January 28
Lectures: Writing a Paper; An Introduction: Current Issues

(2) Litigation Issues in International Financial Transactions
Transnational Investment in Securities: February 4
International Finance Materials Chapter 2: Transnational Investment in Securities
Lecture: Transnational Investment in Securities 1; Transnational Investment in Securities 2

Sovereigns: Sovereign Debt and other issues: February 11, 18, 25
February 11: International Finance Chapter 3a: Sovereigns 1
Lecture: Sovereign debt: pari passu
International Finance Chapter 3b: Sovereigns 2
International Finance Chapter 3c: Sovereigns 3
Lecture: Standard Form Contracts (including CACs)
Lecture: Law Debenture v Ukraine

(3) Issues in Transnational Financial Regulation
March 4
Federal Reserve Policy on Payment System Risk (Oct. 2020)
Tanai Khiaonarong & Terry Goh, Fintech and Payments Regulation: Analytical Framework, IMF Working Paper WP/20/75 (May 29, 2020)
Alina Iancu et al, Reserve Currencies in an Evolving International Monetary System, IMF Strategy, Policy, & Review Department & Statistics Department Paper 20/02 (Nov. 17, 2020)
Lecture: Financial Markets Infrastructures

(4) Financial Warfare, Compliance and International Finance: Sanctions, Money Laundering, Libor
March 11
International Finance Materials Chapter 4: Sanctions
March 18
International Finance: Sanctions 2
Unicredit Bank Non-prosecution Agreement (Apr. 15, 2019)
Council Regulation (EU) 2020/1998 concerning restrictive measures against serious human rights violations and abuses
Council Decision (CFSP) 2020/1999 concerning restrictive measures against serious human rights violations and abuses
Emil Dall, UK Sanctions Policy: A Progress Report (Feb 18, 2021)

March 25
International Finance Chapter 4C: Compliance
Additional Reading: OECD, Ending the Shell Game: Cracking down on the Professionals who enable Tax and White Collar Crimes (Feb. 25, 2021)

(5) Fintech
April 1,
1. As a link between our focus on issues relating to compliance and the very broad area of fintech,
Vivienne Brand, Corporate Whistleblowing, Smart Regulation and Regtech: the Coming of the Whistlebot? 44 University of New South Wales Law Journal 801 (2020)
2. For another take on suptech and regtech, Financial Stability Board, The Use of Supervisory and Regulatory Technology by Authorities and Regulated Institutions (Oct. 9, 2020)
3. OECD, Regulatory Approaches to the Tokenisation of Assets (Jan. 26, 2021)

April 8
1. Fintechs and the banking system: Financial Stability Institute, Fernando Restoy, Fintech Regulation: How to Achieve a Level Playing Field (Feb 2021)
See also: Lucas Siegmund, A Fintech Charter by Another Name The Regulatory Review (Nov. 30, 2020)
2. Central bank digital currencies: Codruta Boar & Andreas Wehrli, Ready, steady, go? – Results of the third BIS survey on central bank digital currency (Jan. 27, 2021)
3. Initial coin offerings and securities law: James J. Park and Howard H. Park, Regulation by Selective Enforcement: The SEC and Initial Coin Offerings, 61 Wash. U. J. L. & Pol’y 099 (2020)
See also SEC v. Ripple Update: XRP Holders Confront SEC Over Their Losses.

[Juan Carlos Crisanto, Johannes Ehrentraud & Marcos Fabian, Big techs in finance: regulatory approaches and policy options, FSI Briefs No. 12 (Mar. 16, 2021)]

(6) The Pandemic and International Finance
April 15
1. Financial Stability Board, COVID-19 Support Measures: Extending, Amending and Ending (Apr. 6, 2021)
2. ESMA, EBA, EIOPA, Joint Committee Report on Risks and Vulnerabilities in the Eu Financial System (March 2021)
3. OECD, Fostering Economic Resilience in a World of Open and Integrated Markets(March 2021) (pp. 76-96)
4. FATF, COVID-19-Related Money Laundering and Terrorist Financing Risks (Updated Dec. 2020).

[Basel Committee on Banking Supervision, Principles for Operational Resilience (Mar. 31, 2021)]

(7) Review: April 22